On September 1, 2022, 2TMon laid off 100 employees, representing 0.15 of its workforce. This move has raised concerns within the company and the industry.
Headquartered in Sao Paulo, 2TMon operates in the Crypto industry. The layoffs come amid a challenging economic environment, impacting both the company and its employees.
2TM decided to lay off 100 employees due to ongoing economic adversity and unbalanced competition in the crypto market. The lack of a legal framework for crypto activities in Brazil has further exacerbated the situation, penalizing companies that adhere to local laws.
“The economic adversity continues,” said the company in a statement.
2TM's statement highlights the ongoing economic challenges that have necessitated the layoffs. The company also pointed to the "deteriorated and unfair" competitive environment, exacerbated by the lack of a legal framework for crypto activities in Brazil. This situation has penalized companies like 2TM that adhere to local laws, while foreign competitors operate with fewer restrictions.
The reduction of 100 employees at 2TM has significantly impacted its workforce, particularly in departments like customer support and compliance. This downsizing may lead to slower response times and increased workloads for the remaining staff, potentially affecting overall operational efficiency.
In the broader crypto industry, other companies like Coinbase and Gemini have also announced layoffs recently, reflecting a trend of cost-cutting measures amid economic uncertainty and market volatility.
The layoffs at 2TM signal a period of restructuring and strategic realignment for the company. Moving forward, 2TM aims to adapt to the evolving market conditions and regulatory landscape.
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